Czech National Bank: “Don’t Be Afraid of Bitcoin”

The Czech National Bank has published a statement addressing bitcoin and cryptocurrency on its website. The document addresses the popularity of bitcoin in Prague and the Czech Republic.

 

” Prague is home to a strong community of cryptocurrency supporters and users. The city even has a café where customers can pay only in bitcoin. Many users of digital currency see it as a viable alternative to the current monetary system. They even question whether institutions such as the Czech National Bank should be afraid of bitcoin and other independent currencies, and of their power to marginalise traditional money.

There really is no reason for banks to fear them. All of the alternative currencies are negligible in terms of size and scope: electronic transactions using bitcoin worldwide amount to only 16% of the electronic transactions conducted in the Czech koruna, a currency used by just 10.5m people.”

 

                                                                     https://www.cnb.cz/en/public/media_service/interviews/media_2017/cl_17_170731_hampl_omfif.html